management 310 test 2
Resources
An organization that has _______, assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and efficiency, to create and sustain competitive advantage, and to fulfill a need or solve a problem.
vision
Disney is not in the movie or theme park business. Its ______ is to create fun and fantasy for its customers.
single use plans
____ are a type of operational plan.
operational
budgets are an example of ______ planning
procedures
in case of a fire, most organizations have a series of actions that must take place beginning with notifying the fire department and include evacuating buildings. What kind of a standing plan is described in this example?
tactical plans
indicated by middle managers
rational decision making
is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions.
Decision making
is the process of choosing a solution from available alternatives.
Action Plan
lists the specific steps, people, resources, and time period for accomplishing a goal
dogs
mixed groups of market challengers and losers
mission vision
the ____ flows directly from the _____
defender
Hohner is a company that manufacturers and markers harmonicas. it is so successful at what it does that the company controls 85 percent of the worlds harmonica industry. in terms of the adaptive strategies, Hohner would most likely be categorized as a ______.
intensified effort, persistence, direction, and creation of task strategies
How does a company benefit from planning?
planning
In 1997, Royal Dutch/Shell earned 8 billion in profit. In that year, top management decided to strive to increase the company's profits to 17 billion annually by 2001. which classical management function would be instrumental in achieving this goal.?
growth
McDonald's uses a ____ strategy as it increases its profits in France by offering uniquely French products such as Croque McDo, the McDonald's version of a popular French grilled sandwich.
Specific, Measurable, Attainable, Realistic, Timely
What does SMART stand for?
groupthink
____ occurs in highly cohesive groups where there is a great deal of pressure to agree with each other
character of the rivalry
_____ is the measure of the intensity of competitive behavior between companies in an industry
imperfectly imitable
a ____ is a resource that is impossible or extremely costly or difficult for other firms to duplicate
rare
a ____ resource is a resource that is not controlled or possessed by many competing firms.
situational analysis
a ____, also called a SWOT for strengths, weaknesses, opportunities, and threats, is an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment.
vision
a _____ is a statement of a company's purpose or reason for existing.
industry-level
a _____ strategy is a corporate strategy that addresses the question "How should we compete in this industry?"
tactical
a department store is experiencing greater than usual shrinkage, and management wants it stopped. Middle management decided to hire security company to study the problem and develop the best plan for dealing with it. Management has implemented a ______ plan.
MBO
a four step process in which mangers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment.
distal proximal
a manufacturer of suntan lotion could set a ______ goal to increase revenues by 8 percent over the next five years and a ______ goal to increase sales next June in Miami Be a ch by 3 percent.
standing plan
a type of operational plan that saves managers time because it is created once and then used repeatedly to handle frequently recurring events.
Have slack resources
for operations-based planning to work, the organization must ______
focus
glassmakerAFG Industries positions itself as the primary supplier of glass used in microwave doors, shower doors, and patio tables. what type of positioning strategy does the glass manufacturer use?
cash cows
market leader but low growth rate
stars
market leader with high growth rate
Satisficing
occurs when managers choose an alternative that is good enough, rather than the best possible alternative.
encourages people to work harder for extended periods
one of the benefits of planning is how it....
choosing a goal and developing a method or strategy to achieve that goal
planning is ultimately based upon....
market commonality
resource similarity and ______ ar enactors that determine the extent to which firms will be in direct competition with each other.
assess the need for strategic change
the first step in the strategic-making process is to
maintain flexibility in planning
the last step in effective planning is to ______
retrenchment
the purpose of a ______ strategy is to turn around very poor company performance by shrinking the size or scope of the business.
related diversification
the research on diversification in portfolio management indicates that the best approach is probably.
assumptions
the use of _______ in planning produces a false sense of certainty and is often cited as now of the major pitfalls of planning.
strategic plans
top managers are responsible for developing long-term _____ that make clear how the company will serve customers and position itself against competitors in the next two to five years.
gathering and providing performance feedback
what is an accepted method for tracking progress toward goal achievement?
rules and regulations
what is the most specific type of standing plan?
single use plans
what type of planning would be used to create the festivities necessary to celebrate the 100-year anniversary of a furniture manufacturer?
external growth
when coca-Cola acquired a water-treatment and bottling plant so it could produce and market Dasani brand bottled water, it was an example of ______
reactors
which of the adaptive strategies tends to result in the poorest performance?
Lower level management
who is primarily responsible for developing operational plans?
problem
a ____ exists when there is a gap between a desired state and an existing state.
related diversification
Deutsche Bank became the world's largest bank through mergers with Bankers Trust, a transatlantic banking operation. Since both banking companies had similar care capabilities, this would be classified as an example of _____
Measurable
according to SMART guidelines, goals should be ___________
non substitutional
according to the text, valuable, rare, imperfectly imitable resources can produce sustainable competitive advantage only if they are ____ resources.
competitive inertia
an organization is experiencing ____ when it is reluctant to change strategies or competitive practices that have been successful in the past.
strategic dissonance
an organization is experiencing ____ when there is a discrepancy between upper management's intended strategy and the strategy actually implemented by the lower levels of management
question marks
can be developed, but at a cost
Operations-based planning
can help organizations to maintain flexibility as they plan.
stability
companies that are following a _____ strategy would be most likely to try to improve the way in which they sell the same goods or services to the same customers.
prospecting
sales of arm and hammer baking soda had flattened when its manufacturer started promoting innovative uses for its product,. By teaching for new marker opportunities, the manufacturer of arms and hammer is using which type of adaptive strategy?
stars
specialized Bicycle Components introduced the first major production mountain bike in 1980. two-thirds of its profits come form the sale of mountain bikes. Specialized mountain bikes would be classified as _____